Berkadia Secures $103M Construction Take-Out Loan for Omega Real Estate’s New Community in North Miami, Florida
Miami, Florida – September 23, 2024 – Berkadia announced today it has arranged a $103 million construction take-out loan for The Gardens Residences, a mixed-use multifamily project in North Miami that is being completed in two phases. Managing Director Christopher Apone, Senior Managing Director Charles J. Foschini, Vice President-Originations Lourdes Carranza-Alvarez, and Associate Director Shannon Wilson of Berkadia Miami secured the financing on behalf of the sponsor, Omega Real Estate Management, a vertically integrated real estate management company focused on the redevelopment of Downtown North Miami.
Affinius Capital along with their partner Corebridge Financial provided the two-year, floating rate loan with one 12-month extension option.
Berkadia previously arranged a $100 million construction loan for The Gardens Residences in 2022, through Churchill Real Estate.
The property received a temporary certificate of occupancy (TCO) in two phases in August and September of this year.
“This loan closed as the project approached its first TCO and construction overall neared completion,” said Foschini. “By refinancing prior to completion, Omega was able to greatly reduce its cost of carry in the project. The Gardens Residences will raise the standard of workforce housing in this area with attainably priced, luxuriously styled apartments with exceptional community amenities. It will also be a catalyst for the ongoing revitalization of this well-located area.”
“The Gardens Residences stands as a testament to our vision of transforming North Miami into a vibrant live-work-play community,” said John Lago, Omega’s CFO. “With its upscale amenities and strategic location, we are proud to offer a product that not only meets but exceeds the expectations of modern living. Our efforts in creating a comprehensive community with both residential and commercial elements underscore our dedication to enhancing the local environment and economy.”
Located at 1155 Northeast 126th Street, just off the Biscayne Boulevard corridor at the gateway to Bay Harbor Islands and Bal Harbour, The Gardens Residences will be a new 358-unit midrise apartment community with ground-floor retail located within the underserved North Miami submarket. It is the first phase of Omega’s plan to transform seven contiguous acres in North Miami into a live-work-play community called “The Gardens District.” The apartment property itself will consist of nine stories and offer studio, one-, two- and three-bedroom apartments averaging 511 square feet to 1,447 square feet. Individual apartments will feature stone countertops, luxury kitchen cabinetry, stainless steel appliances, floor-to-ceiling windows, SPC wood floors in the bedrooms, and ceramic tile in the wet areas and living room spaces. Community amenities will include a ground-floor café with outdoor terrace seating and public sculpture art, a rooftop pool with rentable poolside cabanas, a gym, yoga studio, bike lockers and workshop stations, and structured parking with 500 stalls. Ten percent of units will be set aside for families earning at or below 80 percent of AMI.
The property is close to the Aventura Mall, the Florida International University Biscayne Bay Campus, Gulfstream Park, Oleta River State Park, the Jackson North Medical Center, and Barry University. There are two Publix supermarkets and a Whole Foods within one mile of the property.
Omega also owns adjacent sites at 1075, 1111 and 1125 Northeast 125th Street that it will transform into a Class A, 28,000-square-foot office building called “The Gardens Corporate Center,” an 8,000-square-foot-office building called “The Creative Center”, and a new 12,000-square-foot F&B focused center called “The Hall” that will feature four restaurants and a gourmet grocery. The entire community, which spans seven acres, will be called The Gardens District.
Omega Secures $103M for North Miami Residential Project | Commercial Observer
Omega Lands $103M Construction Loan for Miami Project | Muli-Housing News